If my IL’s are Gifting Property to us Land Do we have to pay a property transfer tax?
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If my IL’s are Gifting Property to us Land Do we have to pay a property transfer tax?
My husbands parents are gifting us a piece of property land in Vermont. They paid 34,000 MANY years ago. We plan to use a Quick Claim Deed to transfer and wondered if we have to file/pay a property transfer tax?
Asked on February 20, 2018 under Real Estate Law, New Jersey
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
A transfer tax is a tax that is paid in order to record the new deed to the property in the new owners name. It is paid regardless of the type of transaction causing deed transfer (gift or purchase or inheritance). It is generally paid by the seller (here, your in laws). Seek help froma qualified real estate attorney in your area. Good luck.
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